How to make a will

Why make a will?

People mainly use wills to document the family members they want to provide for if they die, and how they want to distribute what they own. Wills also let us specify who we’d like to look after our kids, or leave special gifts and meaningful things to people or organisations of our choosing. They can include special instructions for a funeral, and they typically name the person who will carry out our wishes. 

If we don’t have one, or if it’s not valid for some reason, what we’d like to happen may not. This could put our family into legal and financial difficulty.

Top 5 tips for wills – did you know?

1. When you get married, the will you wrote before marriage is no longer valid.

2. If you die without a will, your assets don’t automatically go to your partner.

3. If you die without a will, the government will use a formula to divide up your assets.

4. The last will you signed – even if it’s out of date – will be the one used if you die.

5. Wills aren’t just about what you leave to people – they can also identify the person you want to look after your children.

How to make a will

Don’t have a will yet or need to update your existing one? They typically get made in three ways:

• You could write one yourself. A DIY job may be fine if your assets are modest and your family relationships are pretty much in order.
• You could get one drafted by someone with experience, such as a lawyer or trustee company. A will must be signed and witnessed. If the proper procedures aren’t followed, it may not be valid.
• You could use an online platform. Services such as Public Trust and Footprint offer low-cost options for wills and enduring powers of attorney. You can also find planning help at Te Hokinga a Wairua.

Wills don’t have to be pricey. Some lawyers will even write one for free, so there’s no harm in asking around.

What does a will cover?

Instructions in your will can relate to:

• Your partner, children, grandchildren and other family members or friends you want to provide for
• Any family trust you wish to leave property, money or other assets to
• Specific bequests, such as cash payments, jewellery, artwork or furniture you want to leave to particular people
• Any charities or organisations you want to leave money to
• Details of how you’d like your funeral to be carried out.

It’s a good idea to set up enduring powers of attorney at the same time as making a will. People tend to think only the elderly are likely to need someone to manage their affairs, but nominating someone to act on our behalf can prove useful at other ages too. Here’s our guide.

Some considerations for when you’re making your will

• What do you own and how much is it worth?
• How do you want to split these assets up?
• Who would you like to benefit from your estate? Consider having ‘the talk’ with your family to avoid arguments.
• Who would you like to be the executor of your will (see below for info on what they do)?
• How do you want to review and update your will in the future (eg, if a new child arrives or you buy a property)?

Who’s involved

A will needs both an executor and a trustee. An executor obtains probate of your will from the court (when required) and the trustee carries out your wishes as set out in your will.

• You can appoint a family member as the executor and the trustee (even if they’re going to benefit from the will), but before you do, make sure they’re happy to take on the role.
• You can appoint more than one executor and trustee, so they can share the work and responsibility.

Appointing a professional executor and trustee is often a good idea, particularly if your estate (what you’re leaving behind) is large or complicated. Some lawyers and professional trustee companies write wills for free, providing they’re named as executor. They’ll charge your estate a fee for acting as the executor and trustee.

Keeping a will 

Whenever you go through a big life change, like the birth of a child or a separation, you should review your will. For example, if you get married or enter a civil union, your will is automatically revoked, unless it states otherwise or specifically says that it was made with regard to the union. Other life events, like the purchase of a property, are all good reasons to check your will.

Keep a copy of your will in a safe and accessible place – and let the executor and your loved ones know where it is. If your will can’t be found, your last wishes can’t be followed.